AngesQuebec receives $750.000 grant to create an angel network (6)
AngesQuebec announced a $750.000 funding from the Québec government which will be used to support the creation of an angel investors network in the province. Angels investors willing to invest capital and expertise in early-stage companies will be invited to join the networks as members, and they will get to review collectively potential projects.
One of their upcoming events is for instance Capital Innovation, which is a networking event gathering entrepreneurs and investors, and where “selected startups” get to present their product to a panel.
As I see it, AngesQuebec is very similar to the Maple Leaf Angels, an angel network in Toronto. StartupNorth has a whole series of articles detailing the process, which I highly recommend if you are planning to reach to angel investors.
AngesQuebec is a greatly need organisation needed in Quebec that would in theory spurr technological innovation in Montreal and throughout the province. I would love to see more transparency though coming from this organization and maybe some awareness about what other people are doing. Capital Innovation for me is just a StartupCamp combined with Founders & Funders, but with more control and without the camp spirit.
We already knew VC’s were risk averse, now we have capitalists asking for 3/4 of a million from government!
I’m boggled. Can anyone comment as to why this was necessary?
Daniel, for the governement, it’s mostly a political move, as they can prove now that they support technological innovation.
As for angesquebec, i haven’t seen yet any deal coming from them, so we will have to wait and see what they are going to actually do in the upcoming months
I think this is a good move. There are a lot of angels in Quebec, but they’re not as well organized as we see in other places like the New York Angels and the Maple Leaf Angels.
Fred and I visited the Maple Leaf Angels and we came away very impressed with the quality of presentations and the response from the group (there were around 40 people.)
The biggest advantage for entrepreneurs is ACCESS. How many entrepreneurs in Montreal can say they have good / easy / quick access to the angels? It’s not easy. Now the angels are organizing around an entity that’s there to bring startups and angels together in a cohesive and well-organized way.
For entrepreneurs they can reach out to Anges Quebec instead of going after one angel at a time. It should result in faster and broader access to capital.
And the angels gain advantages working together - best practices, access to deals, diversification of risk.
I know the Maple Leaf Angels have been very active, doing quite a few deals and fairly quickly. That model can now be reproduced (I hope) in Montreal.
I wonder if the folks at MontrealStartUp are involved in this at all, or is this a competing initiative?
@Ben, I couldn’t have said it better.
The grant itself is strange (they have money, can’t they use their own?) but the goal is very interesting and very much needed here in Quebec.
There is a big gap between pre-seed companies and going to a VC. I was actually slightly disappointed during StartupCamp. Not that the event wasn’t good, but I was surprised to see that most of the companies presenting were so advanced. A lot of them had very interesting revenues (and even funding). Technically all startups, but to my eyes, those companies didn’t require a lot of help. I had the feeling that they went through the hardest times already.
So, angels are needed in Quebec. They’re nowhere to be seen and this is great news!
[...] AngesQuebec announced $750k of funding from the Québec government, I asked what the justification was for giving money to already wealthy [...]
Leave a Reply